Tempus AI

TEM Nasdaq Health Care Services Financials FY2022–FY2025

Tempus AI's revenue rose 83.4% to $1.3 billion in fiscal 2025. Its operating margin was −19.9%, up from −99.7% a year earlier. Free cash flow was −$239 million. It paid out $3 million in dividends and buybacks. The diluted share count rose 45.4%.

Last close · Oct 23, 2026

$67.62

6.0%

Value it Compare

Revenue

$1.3B

83.4% vs prior year

Operating margin

−19.9%

79.8 pts

Net income

−$245M

Free cash flow

−$239M

Return on capital

—

Market cap

$13.5M

Oct 23 close

P/E

—

What Tempus AI does

Tempus AI runs medical laboratories and a large database of patient health data, mostly in cancer care in the United States. Doctors order its genetic and other lab tests to help choose treatments for patients, and Tempus links the results to patients' medical records and uses artificial intelligence, or AI, to put them in context. It gets data through connections with more than 5,000 hospital and clinic sites that order its tests, and strips out personal details before using it in its other products.

Tempus has two product lines. Diagnostics, its testing business for cancer treatment and inherited cancer risk, brought in $955.4 million of its $1,271.8 million in 2025 revenue. Data and applications licenses that de-identified data to drug companies for research, helps them find patients for clinical trials, and sells AI tools that flag patients who may need care. It names Foundation Medicine, Caris Life Sciences, Guardant Health and Natera as testing competitors, and Flatiron Health, IQVIA and ConcertAI as data competitors.

Tempus had more than 3,800 employees at the end of 2025, with its headquarters in Chicago. It bought Ambry Genetics, a maker of tests for inherited cancer risk, in February 2025, and Paige, a company that uses AI to read pathology slides, in August 2025. It reported a net loss of $245.0 million for 2025.

Biggest risks, in its own words

A history of losses: it may keep losing money and need to raise more capital.
Its reliance on continued access to patient data, and its ability to earn money from it.
Insurers and government health programs that may not cover its tests or pay enough for them.
Changing rules on lab tests and on health data privacy that could raise its costs or limit its products.
Strong competition and fast-changing technology that could make its tests and tools less useful.

Legal name: Tempus AI, Inc.
Fiscal year ends: December 31, 2025
Latest annual report: 10-K · Feb 24, 2026
Accession · CIK: 0001193125-26-066961
0001717115

Revenue and margins

Tempus AI had $1.3B of revenue in fiscal 2025, up 83.4% on the year before.

Revenue

FY22

Revenue $321M

FY23

Revenue $532M

FY24

Revenue $693M

FY25

Revenue $1.3B

Revenue

Q1 '25

Revenue $256M

Q2 '25

Revenue $315M

Q3 '25

Revenue $334M

Q4 '25

Revenue $367M

Q1 '26

Revenue $348M

Q2 '26

Revenue $383M

Margins, % of revenue

FY22

Gross —

Operating −82.8%

Net −90.4%

FCF −58.2%

FY23

Gross —

Operating −36.9%

Net −40.3%

FCF −46.8%

FY24

Gross —

Operating −99.7%

Net −101.8%

FCF −30.5%

FY25

Gross —

Operating −19.9%

Net −19.3%

FCF −18.8%

Gross Operating Net FCF

Margins, % of revenue

Q1 '25

Gross —

Operating −26.9%

Net −26.6%

FCF −42.1%

Q2 '25

Gross —

Operating −19.6%

Net −13.6%

FCF 11.7%

Q3 '25

Gross —

Operating −18.3%

Net −23.9%

FCF −37.9%

Q4 '25

Gross —

Operating −16.7%

Net −14.8%

FCF −11.3%

Q1 '26

Gross —

Operating −24.3%

Net −36.2%

FCF −23.4%

Q2 '26

Gross —

Operating −19.9%

Net 1.5%

FCF −3.6%

Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income

FY22

Net income −$290M

FY23

Net income −$214M

FY24

Net income −$706M

FY25

Net income −$245M

Net income

Q1 '25

Net income −$68.0M

Q2 '25

Net income −$42.8M

Q3 '25

Net income −$80.0M

Q4 '25

Net income −$54.2M

Q1 '26

Net income −$126M

Q2 '26

Net income $5.6M

Diluted EPS

FY22

Diluted EPS −$5.30

FY23

Diluted EPS −$4.20

FY24

Diluted EPS −$6.23

FY25

Diluted EPS −$1.41

Diluted EPS

Q1 '25

Diluted EPS −$0.40

Q2 '25

Diluted EPS −$0.25

Q3 '25

Diluted EPS −$0.46

Q4 '25

Diluted EPS −$0.31

Q1 '26

Diluted EPS −$0.71

Q2 '26

Diluted EPS $0.03

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)

FY22

Return on capital —

Return on equity —

Return on assets —

FY23

Return on capital —

Return on equity —

Return on assets —

FY24

Return on capital —

Return on equity —

Return on assets −94.7%

FY25

Return on capital —

Return on equity −89.5%

Return on assets −15.3%

Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$239M in fiscal 2025, −18.8% of revenue. Cash from operations minus capital spending.

Free cash flow

FY22

Free cash flow −$187M

FY23

Free cash flow −$249M

FY24

Free cash flow −$211M

FY25

Free cash flow −$239M

Free cash flow

Q1 '25

Free cash flow −$108M

Q2 '25

Free cash flow $36.7M

Q3 '25

Free cash flow −$127M

Q4 '25

Free cash flow −$41.5M

Q1 '26

Free cash flow −$81.5M

Q2 '26

Free cash flow −$13.7M

Cash from operations vs capital spending

FY22

Cash from operations −$168M

Capital spending $18.4M

FY23

Cash from operations −$214M

Capital spending $34.6M

FY24

Cash from operations −$189M

Capital spending $22.1M

FY25

Cash from operations −$218M

Capital spending $21.0M

Cash from operations Capital spending

Cash from operations vs capital spending

Q1 '25

Cash from operations −$106M

Capital spending $2.1M

Q2 '25

Cash from operations $44.2M

Capital spending $7.5M

Q3 '25

Cash from operations −$120M

Capital spending $6.7M

Q4 '25

Cash from operations −$36.8M

Capital spending $4.8M

Q1 '26

Cash from operations −$73.3M

Capital spending $8.2M

Q2 '26

Cash from operations −$7.5M

Capital spending $6.1M

Cash from operations Capital spending

Dividends, buybacks and share count

Tempus AI returned $3.0M to shareholders in fiscal 2025. The diluted share count rose 45.4%.

Dividends and buybacks

FY22

Dividends $5.6M

Buybacks $0.0M

FY23

Dividends $5.6M

Buybacks $3.6M

FY24

Dividends $5.6M

Buybacks $0.0M

FY25

Dividends $0.0M

Buybacks $3.0M

Dividends Buybacks

Dividends and buybacks

Q1 '25

Dividends $0.0M

Buybacks $0.0M

Q2 '25

Dividends $0.0M

Buybacks $0.0M

Q3 '25

Dividends $0.0M

Buybacks $0.0M

Q4 '25

Dividends $0.0M

Buybacks $0.0M

Q1 '26

Dividends $0.0M

Buybacks $0.0M

Q2 '26

Dividends $0.0M

Buybacks $0.0M

Dividends Buybacks

Diluted shares outstanding (annual)

FY22

Diluted shares 0.00B

FY23

Diluted shares 0.00B

FY24

Diluted shares 0.00B

FY25

Diluted shares 0.00B

Value Tempus AI yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Starting free cash flow Growth, years 1–5 Growth, years 6–10 Growth after year 10 Discount rate

Adds net cash of $396M and divides by 0.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Tempus AI can carry it.

Cash vs debt (incl. leases)

FY22

Cash $303M

Debt —

FY23

Cash $166M

Debt $193M

FY24

Cash $341M

Debt $168M

FY25

Cash $605M

Debt $209M

Cash Debt

Fiscal year end	FY22	FY23	FY24	FY25
Cash and short-term investments	$303M	$166M	$341M	$605M
Debt incl. finance leases	—	$193M	$168M	$209M
Debt / equity	—	—	3.0x	0.4x
Interest coverage	−12.1x	−4.2x	−12.9x	−3.6x
Current ratio	—	1.5x	2.3x	3.1x
Quick ratio	—	1.4x	2.2x	3.0x
Total assets	—	$564M	$926M	$2.3B
Total liabilities	—	$841M	$870M	$1.8B
Shareholders' equity	−$1.1B	−$1.4B	$56.3M	$491M
Net debt (− = net cash)	—	$27.3M	−$173M	−$396M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$56.5M

8 insiders

Of sales under plans

100%

$56.5M

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 25, 2026	Thomas Edward SchoenherrCEO, Diagnostics	Sold plan	10,281	$85.00	$0.9M	Form 4
Sep 22, 2026	Eric P LefkofskyCEO and Chairman, Director, 10% owner	Sold plan	250,000	$77.47	$19.4M	Form 4
Sep 17, 2026	Andrew PolovinEVP, Chief Legal Officer	Sold plan	2,951	$75.00	$0.2M	Form 4
Sep 17, 2026	Eric P LefkofskyCEO and Chairman, Director, 10% owner	Sold plan	200,000	$80.57	$16.1M	Form 4
Sep 17, 2026	Ryan M BartolucciChief Accounting Officer	Sold plan	7,062	$75.00	$0.5M	Form 4
Sep 16, 2026	Ryan FukushimaCEO, Data	Sold plan	700	$70.00	$0.0M	Form 4
Sep 1, 2026	David R EpsteinDirector	Sold plan	250	$65.55	$0.0M	Form 4
Sep 1, 2026	Jennifer A DoudnaDirector	Sold plan	676	$65.55	$0.0M	Form 4
Sep 1, 2026	Ryan FukushimaCEO, Data	Sold plan	30,846	$62.71	$1.9M	Form 4
Aug 28, 2026	Nadja WestDirector	Sold plan	3,000	$69.00	$0.2M	Form 4
Aug 25, 2026	Eric P LefkofskyCEO and Chairman, Director, 10% owner	Sold plan	238,152	$68.39	$16.3M	Form 4
Aug 25, 2026	Eric P LefkofskyCEO and Chairman, Director, 10% owner	Sold plan	11,848	$69.87	$0.8M	Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

Test	FY23	FY24	FY25
Net income is positive	—	✕	✕
Cash from operations is positive	✕	✕	✕
Return on assets rose	—	—	✓
Cash from operations exceeds net income	✕	✓	✓
Debt fell relative to assets	—	—	✓
Current ratio rose	—	✓	✓
Share count didn't rise	✕	✕	✕
Gross margin rose	—	—	—
Revenue rose relative to assets	—	—	✓
F-score	— / 9	— / 9	5 / 8
Accruals ratio	—	−69.4%	−1.7%
Altman Z''	−10.77	−9.85	−1.60

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

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Tempus AI TEM	$13.5M	83.4%	−19.9%	−18.8%	—	—	5
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4 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

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Fiscal year	FY22	FY23	FY24	FY25
Income statement
Revenue	$321M	$532M	$693M	$1.3B
Research and development	$83.2M	$90.3M	$149M	$173M
Operating income	−$265M	−$196M	−$691M	−$253M
Interest expense	$21.9M	$46.9M	$53.7M	$70.3M
Pretax income	−$289M	−$214M	−$701M	−$291M
Income tax	$0.1M	$0.3M	$0.3M	−$51.7M
Net income	−$290M	−$214M	−$706M	−$245M
Diluted EPS	−$5.30	−$4.20	−$6.23	−$1.41
Diluted shares	0.00B	0.00B	0.00B	0.00B
Cash flow
Cash from operations	−$168M	−$214M	−$189M	−$218M
Capital expenditure	$18.4M	$34.6M	$22.1M	$21.0M
Free cash flow	−$187M	−$249M	−$211M	−$239M
Depreciation and amortization	$16.7M	$21.3M	$26.4M	$32.1M
Stock-based compensation	$0.0M	$0.0M	$534M	$125M
Acquisitions	$39.6M	$5.7M	$0.0M	$377M
Share buybacks	$0.0M	$3.6M	$0.0M	$3.0M
Dividends paid	$5.6M	$5.6M	$5.6M	$0.0M
Dividends and buybacks	$5.6M	$9.2M	$5.6M	$3.0M
Balance sheet
Cash and short-term investments	$303M	$166M	$341M	$605M
Total debt	—	$193M	$168M	$209M
Finance lease liabilities	$0.0M	$0.0M	$0.0M	$0.0M
Current assets	—	$350M	$668M	$1.2B
Current liabilities	—	$233M	$291M	$372M
Inventory	$0.0M	$28.8M	$38.4M	$51.7M
Property and equipment, net	—	$61.7M	$58.1M	$89.2M
Total assets	—	$564M	$926M	$2.3B
Total liabilities	—	$841M	$870M	$1.8B
Shareholders' equity	−$1.1B	−$1.4B	$56.3M	$491M
Margins
Operating margin	−82.8%	−36.9%	−99.7%	−19.9%
EBITDA margin	−77.6%	−32.9%	−95.9%	−17.4%
Net margin	−90.4%	−40.3%	−101.8%	−19.3%
FCF margin	−58.2%	−46.8%	−30.5%	−18.8%
Returns
Return on capital employed	—	—	−143.0%	−19.9%
Return on equity	—	—	—	−89.5%
Return on assets	—	—	−94.7%	−15.3%
Growth
Revenue growth	—	65.9%	30.4%	83.4%
Share count change	—	0.4%	89.3%	45.4%
Financial health
Debt / equity	—	—	3.0x	0.4x
Interest coverage	−12.1x	−4.2x	−12.9x	−3.6x
Current ratio	—	1.5x	2.3x	3.1x
Quick ratio	—	1.4x	2.2x	3.0x
Capital allocation
Capex / revenue	5.7%	6.5%	3.2%	1.7%
Stock comp / revenue	0.0%	0.0%	77.0%	9.8%
Quality scores
Piotroski F-score	—	—	—	5.0
Altman Z''	—	−10.8	−9.9	−1.6
Accruals ratio	—	—	−69.4%	−1.7%

Source: SEC EDGAR XBRL filings (CIK 0001717115). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.